In an open letter dated at February 11, 2015, Russian-based forex broker Alpari RU revealed their concern regarding Ukrainian-based Forex Trend's suspected misuse of their trademark PAMM Account.
In an open letter dated at February 11, 2015, Russian-based forex broker Alpari RU revealed their concern regarding Ukrainian-based Forex Trend's suspected misuse of their trademark PAMM Account. This latest development marks increasing apprehension on the possibility that Forex Trend is just another pyramid scheme.
It is well-known that PAMM account service was pioneered by Alpari in 2008 with the main idea for clients to invest funds in experienced traders and share the gains of deals made proportional to their investment. Subsequent development saw PAMM account service popularity rising up to the point where forex brokers worldwide adopt it to provide alternative investment facility for their clients. However, Alpari actually has hold on "PAMM-account", "PAMM-счет", "ПАММ-счет" and PAMM-portofolio, "ПАММ-портфель", trademarks. The senior broker allowed the use of those trademarks by its competitors for the sake of healthy competition and expansion of the industry. But recent suspicions regarding Forex Trend triggered Alpari objection to Forex Trend use of PAMM Account trademark.
According to Alpari RU statement, There is an ongoing scandal surrounding Ukrainian forex broker, Forex Trend ("Форекс Тренд"). The company, which operates in the Ukraine, Russia and the CIS, attracts funds from individuals, supposedly for use on financial markets. The company is currently experiencing serious problems with the disbursement of funds to its clients. It is highly likely that we are witnessing the collapse of another pyramid scheme. This situation is aggravated by the fact that Forex Trend was masking its activities by using the popular PAMM Account investment service, and thereby sullying the certified financial instrument's and the industry's reputation as a whole. Thus, Alpari now has begun legal action against Forex Trend in Russia and New Zealand courts to demand Forex Trend to stop using their PAMM Account trademark.
In a reminiscence of last year's Forex-MMCIS debacle, forex industry news source Forexmagnates last week questioned whether Russian PAMM Forex Trend and Panteon Finance are going to be the next scandal in Russian forex scene. The two are said to recently display similar signs of trouble, including withdrawal difficulties. Till this article is written, there has been no known clarification from Forex Trend.